The influential California Public Employees Retirement System
is pressing the managers in its $5.9 billion hedge fund
portfolio to provide better terms and make other changes to
improve their relationships with the pension fund.
In a letter sent to 26 hedge fund managers, CalPERS asked hedge
funds to rethink performance and management fees, improve fund
disclosure and give investors greater control over their
California is not alone in pushing for more favorable terms
for investors. Last year was the worst year for hedge funds on
record, with the average hedge fund losing...